Finance Minister scolds Minority over “negative” currency speculation

The Minister of Finance, Mohammed Amin Adam, has urged the Minority in Parliament to stop inciting speculation about the cedi depreciation and instead offer constructive criticism to improve the economy.

Speaking at a joint IMF/Ministry of Finance news conference in Accra on Monday (1 July), Adam said, “So my friends, on the minority side, I want to appeal to you to stop inciting speculation and to work with us.”

“Give us constructive criticism. Give us ideas so that we can complement the ideas we are already pursuing so we can provide the kind of direction our people expect of us.”

According to Adam, the cedi has been under pressure in recent times; however, compared to 2023, the cedi has witnessed some relative stability.

“Today, the depreciation of the cedi against the dollar is 18.4% compared to 22% recorded in the same period in 2023. The key measures we are implementing to deal with the recent depreciation include, as we heard earlier, monetary policy by the Bank of Ghana, deepening the ongoing fiscal consolidation program, intensifying gold for oil program…,” he added.

Listen to Mohammed Amin Adam in the attached audio clip below:

The Finance Minister added that gross international reserves are improving and external balances are continuing to improve.

“The gross international reserve improved to cover three months of imports as of April 2024, up from 2.7 months in December 2023. The trade and current balances remain positive,” Adam said.

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